Renault Group CEO Luca De Meo (pictured) has stepped down after five years in the role.

De Meo will remain as CEO until 15th July 2025, before leaving both Renault and the automotive industry as a whole.

De Meo (pictured) said: “There comes a time in one’s life when one knows the job is done.

“At Renault Group, we have faced immense challenges in less than five years!

“We have achieved what many thought impossible. Today, the results speak for themselves: they are the best in our history. 

“That is why I have decided it is time for me to hand over the baton.

“I am leaving a transformed company, poised for the future, to apply my experience to other sectors and embark on new adventures.”

Bloomberg reports that insiders say de Meo is set to become the next CEO of Kering, the group that owns Gucci and Saint Laurent.

Renault’s board of directors has begun the process of appointing a new CEO, using a predefined succession plan, and has expressed confidence in the ability of the management team to continue the firm’s transformation strategy..

Jean-Dominique Senard, chairman of the board of directors at Renault Group, said: “For five years, Luca de Meo has worked to restore Renault Group to its rightful place.

“Under his leadership, our company has returned to a healthy foundation, boasts an impressive range of products and has resumed growth.

“Besides being an exceptional captain of industry, Luca de Meo is also a creative, committed, passionate and inspiring individual.

“Today, the entire company joins me in thanking him for all these years and all the collective challenges successfully met. On a personal level, I will always remember the quality of our relations during this unforgettable journey.”

In addition to Renault, the Group also oversees Alpine, Dacia, and Mobilize Financial Services.